Financial Highlights
 Gross Earnings increased by 12.3% to N103.7bn from N92.3bn in H1 2018
 Net Interest Income decreased by 3.0% to N36.9bn from N38.1bn in H1 2018
 Operating Income increased by 16.5% to N53.2bn from N45.7bn in H1 2018
 Total Expenses increased by 16.9% to N38.2bn from N32.7bn in H1 2018
 Net Impairment write-back* was N0.8bn compared to a charge of N2.6bn in H1 2018
 Profit before Tax increased by 15.7% to N15.1bn from N13.0bn in H1 2018
 Net Loans increased by 17.6% to N999.3bn from N849.9bn in 2018 FY
 Total Deposits increased by 12.0% to N1,097.0bn from N979.4bn in 2018 FY
 Total Equity increased by 10.9% to N215.6bn from N194.4bn in 2018 FY
 Total Assets increased by 12.8% to N1,940.2bn from N1,719.9bn in 2018 FY

Gross Earnings increased by 12.3% to N103.7bn driven by a 52.4%% growth in our fee-based income and a 7.2% growth in Interest Income. We recorded double digit growth across the following income lines: Credit Related Fees (238.7%), FX Income (76.1%), Trade Income (75.7%), Digital Banking Income (26.3%) and Account Maintenance Fees (20.3%).

We now have 45.0% of our customers enrolled on the mobile/internet banking products, 82.0% of total transactions now done on digital platforms and 29.0% of fee-based income now coming from digital banking.

Net Interest Margin was sustained at 5.8% after the decline to 5.1% in Q1 2019 on account of improved yield on earning assets and stable average funding costs. The improvement in yield on earning assets to 13.5% in H1 2019 was driven by a 21.9% growth in interest income in Q2 2019.

Operating Expenses grew by 16.9% to N38.2bn driven by the following cost lines Staff|NDIC|AMCON|Advert which accounted for over 77.0% of the cost growth for H1 2019. Cost-to-income Ratio increased to 72.8% which is above our guidance for the year, we intend to work the ratio lower in line with our guidance in subsequent quarters.

Total Deposits increased by 12.0% to N1,097.0bn from N979.4bn driven by double digit growth in both local and foreign currency deposits. Foreign currency deposits grew by 19.9% to N215.5bn and now accounts for 19.6% of total deposits while local currency deposits grew by 10.2% to N881.6bn and constitutes 80.4% of total deposits.

Retail Banking continued to deliver impressive results as savings deposits increased by 8.6% to N247.7bn and we are on course to achieving the 6th consecutive year of double-digit savings growth. Savings deposits now accounts for about 22.6% of total deposits, an attestation of our increasing market share in the retail segment.
Net Risk Assets increased by 17.6% to N999.3bn from N849.9bn in the 2018FY. Foreign currency loans increased by 12.0% and now accounts for 39.1% of the loan book while local currency loans increased by 21.5% and now represents 60.9% of the loan book. Cost of risk was – 0.2% due to the net write-backs (including net losses on de-recognition of financial assets measured at amortized cost) we had on our impairment charges.

Non-performing Loans (NPLs) Ratio improved to 5.4% from 5.7% in the 2018FY due to the growth in the loan book.

Regulatory Ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 17.0% and Liquidity Ratio at 34.8%.

We remain focused on the execution of our medium-term strategic objectives and targets for the 2019FY while we look forward to sustaining the momentum and delivering another strong set of results for the 9M 2019”